Question | Answer |
What is Marketing? | is the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large |
Needs | States of deprivation. Physical. Social. Individual. |
Wants | the form that needs take as they are shaped by culture and individual personality |
Demands | Wants backed by buying power |
Market Offerings | some combination of products, services or experiences offered to a market to satisfy a need or want |
Marketing Myopia | focusing only on existing wants (status quo) and losing sight of underlying consumer needs |
Exchange | the act of obtaining a desired (i.e., valued) object from someone by offering something in return |
The Value Proposition | the set of benefits or values a company promises to deliver to customers to satisfy their needs |
The Marketing Mix | the set of tools (four Ps) the firm uses to implement its marketing strategy. (Product, Price, Place, Promotion. |
Transactional Orientation | “one and done” mentality, what happens before or after the transaction is of little importance to the marketer |
Relational Orientation | marketer seeks to develop an ongoing “relationship” with the customer and to use this as a source of value (both before and after purchase). |
Customer Relationship Management | the overall process of building and maintaining profitable customer relationships by delivering superior value and satisfaction |
Total Customer Value | the difference between total customer value and total customer cost |
Customer Satisfaction | the extent to which a product’s perceived performance matches a buyer’s expectations |
Customer Lifetime Value | is the value of the entire stream of purchases that a single customer would make over a lifetime of patronage |
Share of Customer (Share of wallet) | the portion of the customer’s purchasing that a company gets in its product categories |
Customer Equity | the total combined customer lifetime values of all of the company’s customers |
Building Customer Equity | Building the right relationships with the right customers |
Social Marketing Campaigns | encourage energy conservation and concern for the environment or discourage smoking, excessive drinking, and drug use |